Return of Title IV (R2T4) Funds Errors, Reference 2025-002 Audit Finding: Out of a population of 367 students who completely withdrew from courses during the Spring and Fall semesters of the 2025 aid year and received a disbursement during the respective semester(s), 25 were selected for testing. Of those students, three had funds that were returned outside of 45 days from the date the University became aware of the withdrawal. Our sample was not, and was not intended to be, statistically valid. Cause of the Finding: The University did not have appropriate controls in place to ensure timely return of funds, the result of limited staffing within the Financial Aid Office and the absence of a formalized secondary review process. Effect of the Finding: The University failed to return funds timely, and, as such, ED did not have access to funds. Corrective Action Plan: To address the delays identified in the R2T4 funds, the following corrective actions will be taken: 1. Revised Procedures o The University will update its written Return of Title IV procedures to clearly define the identification of official and unofficial withdrawals, required timelines for completing R2T4 calculations, and responsibility for initiating, reviewing, and approving calculations. 2. Training for Staff o Financial Aid staff will receive refresher training on Return of Title IV requirements, including withdrawal determination dates and calculation deadlines. o Training materials will be documented for reference and future onboarding. 3. Secondary Review Process o A secondary review of all R2T4 calculations will now be required prior to posting adjustments and returning funds. o The review will be documented and retained with the student’s financial aid file. 4. Ongoing Monitoring o A withdrawal tracking log will be implemented to monitor the date of withdrawal, the date of R2T4 calculation, and the date funds are returned. o The Senior Director Financial Services and Operations will review the log monthly. 5. Timeline for Implementation o Revised procedures will be updated by the Financial Aid Office staff by June 30, 2026. o Staff training sessions: First session scheduled by June 30, 2026, with periodic refreshers as available. o Secondary review processes and ongoing monitoring will begin immediately. 6. Responsible Parties The Vice President for Enrollment and Student Success, Associate Vice President of Enrollment Management, and the Senior Director Financial Services and Operations will oversee the implementation of the corrective action plan. Responsible party contact information is located at uco.edu.